Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
What is the capital from the opening balance sheet?
AN3,600
BN 2,700
CN2,070
DN1,520
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Question 1232
jamb2001
The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?
AAcountant General
BAuditor General
CFinance Minister
DPermanent Secretary
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Question 1233
jamb2001
The correct entry to reflect the receipt of cash sent by a branch to a head office is?
Adebit cash and credit branch current account
Bdebit branch, current account and credit cash
Ccredit branch, debtors and debit cash
Dcredit branch current account and debit branch debtors
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Question 1234
jamb2001
To account for expenses paid by head office on behalf of the branch, the branch should?
Adebit head office account and credit cash
Bdebit profit and loss account and credit headoffice account
Ccredit cash and debit profitand loss account
Dcredit profit and loss account and debit head office account
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Question 1235
jamb2001
Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?
Acreditors
Bdebtors
Cstock
Dsuspense
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Question 1236
jamb2001
X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of N150,000 is incurred jointly, what will be the portion attributable to X?
AN37,500
BN62,500
CN87,500
DN100,000
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Question 1237
jamb2001
The law that currently regulates the registration of companies in Nigeria is the?
AConstitution of the Federal Republic of Nigeria, 1999
BNigeria Enterprises Promotion Decree, 1972
CCompanies and Allied Matters Decree, 1990
DCompanies Decree, 1968
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Question 1238
jamb2001
The main difference between the ordinary and preference shareholders is that?
Athe former receive dividends while the latter do not
Bthe latter are not members of the company while the former are
Cin the case of winding up, the former are paid first before the latter
Dthe former have voting rights while the latter do not
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Question 1239
jamb2001
Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`
Ainvestment and credit cash
Binvestment and credit shares
Cpurchases and credit cash
Dpurchases and credit shares
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Question 1240
jamb2001
Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?
Aabsorption
Bmerger
Cconversion
Ddissolution
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Question 1241
jamb2001
On the dissolution of a partnership business,the net book value of the assets is transferred to?
Adebit of realization account
Bcredit of realization account
Ccredit of bank account
Ddebit of bank account
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Question 1242
jamb2001
If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?
AN500
BN2,000
CN2,500
DN3,000
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Question 1243
jamb2001
Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.
What is the new profit-sharing ratio of Marhumu and Yusuf?
A50% : 25%
B50% : 20%
C25% : 50%
D25% :25%
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Question 1244
jamb2001
Partners' salaries and drawings are usually posted to the?
Atrading account
Bcurrent account
Ccapital account
Dpartners' account
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Question 1245
jamb2001
The excess of income over expenditure is usually transferred to the?
Aaccumulated fund
Bprofit and loss account
Ccurrent assets in the balance sheet
Dcurrent liabilities in the balance sheet
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Question 1246
jamb2001
Given:
Club trading profit N12,000
Members'' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club''s excess of income over expenditure?
AN500
BN1,500
CN2,000
DN2,500
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Question 1247
jamb2001
A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?
AN24,000
BN22,000
CN14,000
D8,000
ENO OPTION INDICATED
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Question 1248
jamb2001
Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000
What is the subscription to be charged to income and expenditure account?
AN36,000
BN34,000
CN30,000
DN20,000
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Question 1249
jamb2001
Use the information below to answer questions
Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
The N6,000 subscription received is?
Acurrent asset
Bcurrent liability
Cfixed asset
Dcapital
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Question 1250
jamb2001
Lubricating oil and spare parts of machinery are examples of?
